Cryptocurrency Trading Update: Stellar (XLM) Defies Market Pullback


FOMO MomentsCrypto land is correcting this morning; top altcoins are Stellar, Cardano, Dogecoin, Bytom and Kin.

The bull run has slowed down and a pullback has occurred in crypto land. Markets hit a six week high of a shade below $300 billion before retreating back to around $290 billion as short term traders took profits.

Bitcoin topped out at $7,530 before retreating back to $7,400 where it has been steadily holding for the past 24 hours showing no further gains. Ethereum could not hold $500 and has dropped 3.7% on the day back to $480 where it currently trades. Altcoins are predominantly red at the moment with only one or two still climbing. The best performing one in the top 25 right now is Stellar Lumens.

According to Coinmarketcap XLM is still trading higher on the day with gains of 10%. Stellar is trading at $0.312, up from $0.285 this time yesterday. Over the past week XLM has made a monumental gain of 74% from $0.181 this time last Thursday. On the month gains are around 34% from $0.235 this time last month. Against Bitcoin XLM is up 11% on the day to 4254 satoshis. Weekly gains on BTC are even better at 43% from 2966 sats this time last week.

There are a number of things driving momentum for Stellar Lumens at the moment. Firstly the general market upswing over the past few days has boosted all cryptocurrencies. Secondly the Coinbase announcement mentioning XLM as one of five altcoins it may be listing in the future. Thirdly the Islamic certification and fourthly the IBM partnership and exploration of cross border payments;

Excited to explore stable coins for settling cross-border payments with @strongholdxchg and @StellarOrg – Read @JesseLund's blog #blockchain https://t.co/P4vMcfb2l8

— IBM Blockchain (@IBMBlockchain) July 17, 2018

Binance currently dominates XLM trade with 40% of the total. Trade volume has shot up over the past day from $90 million to $275 million as investors load up on cheap lumens for good times ahead. Stellar is a solid 6th in the crypto charts with a market cap a touch under $6 billion.

Total crypto market capitalization has fallen on the day by 1.7% in what appears to be a natural correction after several days of solid gains. The level is now around $290 billion with trade volume at around $19 billion, the highest it has been for over a month. Other altcoins gaining at the moment include Cardano up 5%, Dogecoin 7% higher, Bytom rising 6% and the top coin of the moment is Kin with a 12% pump.

More on Stellar can be found here: https://www.stellar.org/

FOMO Moments is a section that takes a daily look at the top 25 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.